Mar 7, 2012

Brazilians Flock to Key West Real Estate

Brazil News

| KEY WEST, Florida - Brazilians are attracted the warm sunny climate offered by South Florida and the Florida Keys, according to a recent Miami Herald article. Miami is not the only city that attracts Brazilian tourists and second home buyers. Key West's vibrant real estate market - which is leading Florida in market recovery - is attracting investors who recognize the growth potential of Florida's hottest real estate market.

Goombay Street Parade

 Goombay Street Parade

Key West's particular attractions - distinctive quaint architecture, quiet lanes and lush gardens, a sparking emerald ocean with turquoise waters fringing the coral reef, world class dining, world famous watering holes, and casual lifestyle - have combined to help the real estate market strengthen and make a marked recovery from the doldrums most Florida markets are still experiencing.

Key West Real Estate Market Shows Recovery

Out of the last 8 months, 7 have shown strong signs of growth. For example, December 2011 bullish residential sales in the Southernmost City posted average sold prices 23.8% higher than December 2010. The Key West Association of Realtors reported median sales prices were up 33.9% compared with sales in the same period of 2010. "In tracking Key West's real estate statistics, we've seen favorable increases in seven out of the last eight months," said Broker Rudy Molinet, broker for Marquis Properties. "As we moved into the season full swing we continue to see strength and stability in the market."

It's not just median and average sale prices that are rising. Days On Market (DOM) statistics also indicate a positive outlook for Key West sellers. The average DOM for single family homes was 84 days in December 2011. In 2010, it was 112. Condos also showed a positive trend; DOM for December 2011: 106. Dec. 2010: 131.

It's Time To Buy Key West Real Estate

Savvy Brazilian buyers recognize that the time to buy in Key West is now. The Southernmost City's eclectic population is also attractive to travelers and second home buyers from Brazil. On any given street at any given moment, you will hear Spanish, French, Russian, Polish, Japanese and English, of course - not to mention Portuguese and many other tongues. Key West attracts travelers from all over the world with its sophisticated culture, easy going, live and let live lifestyle, its perfect weather, warm water and a host of events and things to do.

Key West Beach

Key West Beach

In fact, Brazilians will feel right at home during Fantasy Fest - a weeklong celebration of all things wild that is modeled on Carnaval and Mardi Gras. Fantasy Fest is held at the end of October though, on the closest weekend to Halloween. Brazilians will find Key West has other familiar flavors as well: one of the finest restaurants is Braza Leña, a churrascaria offering 16 cuts of meat in authentic "Gaucho Asado" style.

Ready to buy a second home in Key West? Molinet at Marquis Properties to find homes for sale in Old Town, Truman Annex and the Casa Marine areas.

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1 comment:

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